Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2022 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2022 |
Document Transition Report | false |
Document Quarterly Report | true |
Entity File Number | 001-37368 |
Entity Registrant Name | ADAPTIMMUNE THERAPEUTICS PLC |
Entity Incorporation, State or Country Code | X0 |
Entity Address, Address Line One | 60 Jubilee Avenue, Milton Park |
Entity Address, City or Town | Abingdon, Oxfordshire |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | OX14 4RX |
City Area Code | 44 |
Entity Tax Identification Number | 00-0000000 |
Title of 12(b) Security | American Depositary Shares, each representing 6 Ordinary Shares, par value £0.001 per share |
Local Phone Number | 1235 430000 |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Trading Symbol | ADAP |
Entity Common Stock, Shares Outstanding | 980,222,862 |
Entity Central Index Key | 0001621227 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 97,811,000 | $ 149,948,000 |
Marketable securities - available-for-sale debt securities | 160,278,000 | 219,632,000 |
Accounts receivable, net of allowance for doubtful accounts of $0 and $0 | 2,382,000 | 752,000 |
Other current assets and prepaid expenses | 60,694,000 | 45,126,000 |
Total current assets | 321,165,000 | 415,458,000 |
Restricted cash | 1,713,000 | 1,718,000 |
Operating lease right-of-use assets, net of accumulated amortization | 19,380,000 | 20,875,000 |
Property, plant and equipment, net of accumulated depreciation of $36,073 and $36,253 | 45,400,000 | 30,494,000 |
Intangible assets, net of accumulated amortization of $4,287 and $4,051 | 612,000 | 1,000,000 |
Total assets | 388,270,000 | 469,545,000 |
Current liabilities | ||
Accounts payable | 15,991,000 | 8,113,000 |
Operating lease liabilities, current | 2,557,000 | 2,320,000 |
Accrued expenses and other current liabilities | 32,616,000 | 29,909,000 |
Deferred revenue, current | 22,468,000 | 22,199,000 |
Total current liabilities | 73,632,000 | 62,541,000 |
Operating lease liabilities, non-current | 21,635,000 | 23,148,000 |
Deferred revenue, non-current | 150,437,000 | 177,223,000 |
Other liabilities, non-current | 649,000 | 673,000 |
Total liabilities | 246,353,000 | 263,585,000 |
Stockholders' equity | ||
Common stock - Ordinary shares par value 0.001, 1,282,773,750 authorized and 976,759,524 issued and outstanding (2021: 1,240,853,520 authorized and 937,547,934 issued and outstanding) | 1,387,000 | 1,337,000 |
Additional paid in capital | 980,204,000 | 959,611,000 |
Accumulated other comprehensive loss | (1,043,000) | (11,142,000) |
Accumulated deficit | (838,631,000) | (743,846,000) |
Total stockholders' equity | 141,917,000 | 205,960,000 |
Total liabilities and stockholders' equity | $ 388,270,000 | $ 469,545,000 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Jun. 30, 2022 £ / shares | Dec. 31, 2021 £ / shares | |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
Allowance for doubtful accounts | $ | $ 0 | $ 0 | ||
Property, plant and equipment, accumulated depreciation | $ | 36,073 | 36,253 | ||
Intangible assets, net of accumulated amortization | $ | $ 4,287 | $ 4,051 | ||
Common stock, par value | £ / shares | £ 0.001 | £ 0.001 | ||
Common stock, shares authorized | shares | 1,282,773,750 | 1,240,853,520 | ||
Common stock, shares issued | shares | 976,759,524 | 937,547,934 | ||
Common stock, shares outstanding | shares | 976,759,524 | 937,547,934 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 5,538 | $ 3,095 | $ 9,113 | $ 3,529 |
Operating expenses | ||||
Research and development | (34,740) | (28,868) | (71,492) | (53,374) |
General and administrative | (14,550) | (13,539) | (31,354) | (27,356) |
Total operating expenses | (49,290) | (42,407) | (102,846) | (80,730) |
Operating loss | (43,752) | (39,312) | (93,733) | (77,201) |
Interest income | 357 | 266 | 695 | 691 |
Other income (expense) income, net | (655) | 54 | (643) | 53 |
Loss before income tax expense | (44,050) | (38,992) | (93,681) | (76,457) |
Income tax expense | (470) | (76) | (1,104) | (374) |
Net loss attributable to ordinary shareholders | $ (44,520) | $ (39,068) | $ (94,785) | $ (76,831) |
Net loss per ordinary share | ||||
Basic (in dollars per share) | $ (0.05) | $ (0.04) | $ (0.10) | $ (0.08) |
Diluted (in dollars per share) | $ (0.05) | $ (0.04) | $ (0.10) | $ (0.08) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 962,794,072 | 934,228,095 | 951,474,546 | 932,667,125 |
Diluted (in shares) | 962,794,072 | 934,228,095 | 951,474,546 | 932,667,125 |
Development revenue | ||||
Revenue | $ 5,538 | $ 3,095 | $ 9,113 | $ 3,529 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Net loss | $ (44,520) | $ (39,068) | $ (94,785) | $ (76,831) |
Other comprehensive (loss) income, net of tax | ||||
Foreign currency translation adjustments, net of tax of $0 and $0 | 47,694 | (4,177) | 64,486 | (7,178) |
Foreign currency (losses) gains on intercompany loan of a long-term investment nature, net of tax of $0, and $0 | (39,108) | 3,911 | (52,916) | 6,959 |
Unrealized holding losses on available-for-sale debt securities, net of tax of $0, and $0 | (316) | 105 | (1,471) | (118) |
Total comprehensive loss for the period | $ (36,250) | $ (39,229) | $ (84,686) | $ (77,168) |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||
Foreign currency translation adjustments, tax | $ 0 | $ 0 |
Foreign currency gains (losses) on intercompany loan of a long-term investment nature, tax | 0 | 0 |
Unrealized holding gains (losses) on available-for-sale debt securities, tax | $ 0 | $ 0 |
UNAUDITED CONDENSED CONSOLIDA_6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGE IN EQUITY - USD ($) $ in Thousands | Common stock | Additional paid in capital | Accumulated other comprehensive (loss) income | Accumulated deficit | Total |
Balance at the beginning of the period, shares at Dec. 31, 2020 | 928,754,958 | ||||
Balance at the beginning of the period at Dec. 31, 2020 | $ 1,325 | $ 935,706 | $ (10,048) | $ (585,756) | $ 341,227 |
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of shares upon exercise of stock options | $ 6 | 529 | 535 | ||
Issuance of shares upon exercise of stock options (in shares) | 4,062,210 | ||||
Other comprehensive gain | (176) | (176) | |||
Share-based compensation expense | 5,334 | 5,334 | |||
Net loss | (37,763) | (37,763) | |||
Balance at the end of the period at Mar. 31, 2021 | $ 1,331 | 941,569 | (10,224) | (623,519) | 309,157 |
Balance at the end of the period, shares at Mar. 31, 2021 | 932,817,168 | ||||
Balance at the beginning of the period, shares at Dec. 31, 2020 | 928,754,958 | ||||
Balance at the beginning of the period at Dec. 31, 2020 | $ 1,325 | 935,706 | (10,048) | (585,756) | 341,227 |
Increase (Decrease) in Stockholders' Equity | |||||
Net loss | (76,831) | ||||
Balance at the end of the period at Jun. 30, 2021 | $ 1,336 | 949,575 | (10,385) | (662,587) | 277,939 |
Balance at the end of the period, shares at Jun. 30, 2021 | 936,237,126 | ||||
Balance at the beginning of the period, shares at Mar. 31, 2021 | 932,817,168 | ||||
Balance at the beginning of the period at Mar. 31, 2021 | $ 1,331 | 941,569 | (10,224) | (623,519) | 309,157 |
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of shares upon exercise of stock options | $ 1 | 42 | 43 | ||
Issuance of shares upon exercise of stock options (in shares) | 350,628 | ||||
Issue of shares under At The Market sales agreement, net of commision and expenses | $ 4 | 2,515 | 2,519 | ||
Issue of shares under At The Market sales agreement, net of commision and expenses (in shares) | 3,069,330 | ||||
Other comprehensive gain | (161) | (161) | |||
Share-based compensation expense | 5,449 | 5,449 | |||
Net loss | (39,068) | (39,068) | |||
Balance at the end of the period at Jun. 30, 2021 | $ 1,336 | 949,575 | (10,385) | (662,587) | $ 277,939 |
Balance at the end of the period, shares at Jun. 30, 2021 | 936,237,126 | ||||
Balance at the beginning of the period, shares at Dec. 31, 2021 | 937,547,934 | 937,547,934 | |||
Balance at the beginning of the period at Dec. 31, 2021 | $ 1,337 | 959,611 | (11,142) | (743,846) | $ 205,960 |
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of shares upon exercise of stock options | $ 5 | 30 | 35 | ||
Issuance of shares upon exercise of stock options (in shares) | 3,318,072 | ||||
Other comprehensive gain | 1,829 | 1,829 | |||
Share-based compensation expense | 5,586 | 5,586 | |||
Net loss | (50,265) | (50,265) | |||
Balance at the end of the period at Mar. 31, 2022 | $ 1,342 | 965,227 | (9,313) | (794,111) | $ 163,145 |
Balance at the end of the period, shares at Mar. 31, 2022 | 940,866,006 | ||||
Balance at the beginning of the period, shares at Dec. 31, 2021 | 937,547,934 | 937,547,934 | |||
Balance at the beginning of the period at Dec. 31, 2021 | $ 1,337 | 959,611 | (11,142) | (743,846) | $ 205,960 |
Increase (Decrease) in Stockholders' Equity | |||||
Net loss | (94,785) | ||||
Balance at the end of the period at Jun. 30, 2022 | $ 1,387 | 980,204 | (1,043) | (838,631) | $ 141,917 |
Balance at the end of the period, shares at Jun. 30, 2022 | 976,759,524 | 976,759,524 | |||
Balance at the beginning of the period, shares at Mar. 31, 2022 | 940,866,006 | ||||
Balance at the beginning of the period at Mar. 31, 2022 | $ 1,342 | 965,227 | (9,313) | (794,111) | $ 163,145 |
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of shares upon exercise of stock options | $ 1 | 1 | |||
Issuance of shares upon exercise of stock options (in shares) | 759,336 | ||||
Issue of shares under At The Market sales agreement, net of commision and expenses | $ 44 | 9,932 | 9,976 | ||
Issue of shares under At The Market sales agreement, net of commision and expenses (in shares) | 35,134,182 | ||||
Other comprehensive gain | 8,270 | 8,270 | |||
Share-based compensation expense | 5,045 | 5,045 | |||
Net loss | (44,520) | (44,520) | |||
Balance at the end of the period at Jun. 30, 2022 | $ 1,387 | $ 980,204 | $ (1,043) | $ (838,631) | $ 141,917 |
Balance at the end of the period, shares at Jun. 30, 2022 | 976,759,524 | 976,759,524 |
UNAUDITED CONDENSED CONSOLIDA_7
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net loss | $ (94,785,000) | $ (76,831,000) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 2,728,000 | 2,879,000 | |
Amortization | 419,000 | ||
Share-based compensation expense | 10,631,000 | 10,783,000 | |
Unrealized foreign exchange gains | (108,000) | (267,000) | |
Amortization on available-for-sale debt securities | 1,636,000 | 2,884,000 | |
Other | 585,000 | 1,401,000 | |
Changes in operating assets and liabilities: | |||
Increase in receivables and other operating assets | (22,898,000) | (21,457,000) | |
Increase in payables and other current liabilities | 12,898,000 | 663,000 | |
Decrease in deferred revenue | (6,758,000) | 1,946,000 | $ 26,517,000 |
Net cash used in operating activities | (95,652,000) | (77,999,000) | |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment | (16,074,000) | (2,924,000) | |
Acquisition of intangibles assets | (143,000) | ||
Maturity or redemption of marketable securities | 97,605,000 | 154,465,000 | |
Investment in marketable securities | (42,197,000) | (81,958,000) | |
Net cash provided by investing activities | 39,334,000 | 69,440,000 | |
Cash flows from financing activities | |||
Proceeds from issuance of common stock from offerings, net of commissions and issuance costs | 9,976,000 | 2,519,000 | |
Proceeds from exercise of stock options | 36,000 | 578,000 | |
Net cash provided by financing activities | 10,012,000 | 3,097,000 | |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (5,836,000) | (937,000) | |
Net decrease in cash, cash equivalents and restricted cash | (52,142,000) | (6,399,000) | |
Cash, cash equivalents and restricted cash at start of period | 151,666,000 | 61,484,000 | 61,484,000 |
Cash, cash equivalents and restricted cash at end of period | $ 99,524,000 | $ 55,085,000 | $ 151,666,000 |
General
General | 6 Months Ended |
Jun. 30, 2022 | |
General | |
General | Note 1 — General Adaptimmune Therapeutics plc is registered in England and Wales. Its registered office is 60 Jubilee Avenue, Milton Park, Abingdon, Oxfordshire, OX14 4RX, United Kingdom. Adaptimmune Therapeutics plc and its subsidiaries (collectively “Adaptimmune” or the “Company”) is a clinical-stage biopharmaceutical company primarily focused on providing novel cell therapies to people with cancer. We are a leader in the development of T-cell therapies for solid tumors. The Company’s proprietary platform enables it to identify cancer targets, find and develop cell therapy candidates active against those targets and produce therapeutic candidates for administration to patients. The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage of clinical development including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical programs or clinical programs, the need to obtain marketing approval for its cell therapies, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of its cell therapies, the need to develop a reliable commercial manufacturing process, the need to commercialize any cell therapies that may be approved for marketing, and protection of proprietary technology. If the Company does not successfully commercialize any of its cell therapies, it will be unable to generate product revenue or achieve profitability. The Company had an accumulated deficit of $838,631,000 as of June 30, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies (a) Basis of presentation The condensed consolidated financial statements of Adaptimmune Therapeutics plc and its subsidiaries and other financial information included in this Quarterly Report are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars. All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated on consolidation. The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2022 (the “Annual Report”). The balance sheet as of December 31, 2021 was derived from audited consolidated financial statements included in the Company’s Annual Report but does not include all disclosures required by U.S. GAAP. The Company’s significant accounting policies are described in Note 2 to those consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. However, these interim financial statements include all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary to fairly state the results of the interim period. The interim results are not necessarily indicative of results to be expected for the full year. (b) Use of estimates in interim financial statements The preparation of interim financial statements, in conformity with U.S. GAAP and SEC regulations, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the interim financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are made in various areas, including in relation to valuation allowances relating to deferred tax assets, revenue recognition, and estimation of the incremental borrowing rate for operating leases. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate. (c) Fair value measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The hierarchy defines three levels of valuation inputs: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 - Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability The carrying amounts of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. The fair value of marketable securities, which are measured at fair value on a recurring basis is detailed in Note 6, Fair value measurements. (d ) Significant concentrations of credit risk The Company held cash and cash equivalents of $97,811,000, marketable securities of $160,278,000 and restricted cash of $1,713,000 as of June 30, 2022. The cash and cash equivalents and restricted cash are held with multiple banks and the Company monitors the credit rating of those banks. The Company maintains cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation in the United States and the U.K. Government Financial Services Compensation Scheme in the United Kingdom. The Company’s investment policy limits investments to certain types of instruments, such as money market instruments, corporate debt securities and commercial paper, places restrictions on maturities and concentration by type and issuer and specifies the minimum credit ratings for all investments and the average credit quality of the portfolio. The Company has three customers, which are Genentech, Astellas and GSK. There were accounts receivable of $2,382,000 as of June 30, 2022 and $752,000 as of December 31, 2021. The Company has been transacting with Genentech since 2021, Astellas since 2020 and GSK since 2014, during which time no impairment losses have been recognized. As of June 30, 2022, there were no overdue accounts receivable. (e) New accounting pronouncements To be adopted in future periods Measurement of credit losses on financial instruments In June 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit losses, which replaces the incurred loss impairment methodology for financial instruments in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for the fiscal year beginning January 1, 2020, including interim periods within that fiscal year. In November 2019, the FASB issued ASU 2019-10 which resulted in the postponement of the effective date of the new guidance for eligible smaller reporting companies (as defined by the SEC), including the Company, at that time to the fiscal year beginning January 1, 2023. The Company intends to adopt the guidance in the fiscal year beginning January 1, 2023. The guidance must be adopted using a modified-retrospective approach and a prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in this ASU resolve this inconsistency by requiring that an entity (acquirer) recognize and measure contract assets and liabilities acquired in a business combination in accordance with Topic 606, in contrast to current GAAP which requires that assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities, are measured at fair value as of the acquisition date. For public business entities, including the Company, the guidance is effective for fiscal years beginning on or after December 15, 2022, including interim periods within that fiscal year. The Company intends to adopt the guidance in the fiscal year beginning January 1, 2023. The amendments in this ASU should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Revenue | |
Revenue | Note 3 — Revenue The Company had three revenue-generating contracts with customers in the three and six months ended June 30, 2022 compared to two in the three and six months ended June 30, 2021. These are a collaboration and license agreement with GSK, a collaboration agreement with Astellas and a strategic collaboration and license agreement with Genentech. Revenue comprises the following categories (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Development revenue $ 5,538 $ 3,095 $ 9,113 $ 3,529 $ 5,538 $ 3,095 $ 9,113 $ 3,529 Deferred income decreased by $26,517,000 from $199,422,000 at December 31, 2021 to $172,905,000 at June 30, 2022 primarily due to a $20,234,000 decrease caused by the change in the exchange rate between pounds sterling and the U.S. dollar from £1.00 to $1.35 at December 31, 2021 to £1.00 to $1.21 at June 30, 2022. As of December 31, 2021, there was deferred revenue of $199,422,000 of which $7,342,000 was recognized as revenue in the six months ended June 30, 2022, which was the primary cause of the remaining movement in deferred income in the period. The aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements as of June 30, 2022 was $348,414,000. The Genentech Collaboration and License Agreement The amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the Genentech agreement as of June 30, 2022 was $291,307,000. Of this amount $179,711,000 is allocated to the research services and rights granted for the initial ‘off-the-shelf’ collaboration targets, $92,751,000 is allocated to the research services and rights granted for the personalized therapies, $12,720,000 is allocated to the material rights to designate the additional ‘off-the-shelf’ collaboration targets, $4,900,000 is allocated to the material right for the first option to extend the research term and $1,225,000 is allocated to the material right for the option to extend the research term a second time. The Company expects to satisfy the performance obligations relating to the initial ‘off-the-shelf’ collaboration targets and the personalized therapies as development progresses and recognizes revenue based on an estimate of the percentage of completion of the project determined based on the costs incurred on the project as a percentage of the total expected costs. The Company expects to satisfy the performance obligations relating to the material rights to designate additional ‘off-the-shelf’ collaboration targets from the point that the options are exercised and then as development progresses, in line with the initial ‘off-the-shelf’ collaboration targets, or at the point in time that the rights expire. The Company expects to satisfy the performance obligations relating to the material rights to extend the research term from the point that the options are exercised and then over period of the extension, or at the point in time that the rights expire. The Astellas Collaboration Agreement The amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the Astellas agreement as of June 30, 2022 was $55,881,000, of which $13,502,000 is allocated to the rights granted for each of the two independent Astellas targets, $8,159,000 is allocated to research services and rights granted under the co-exclusive license for the first co-development target, $14,200,000 is allocated to research services and rights granted under the co-exclusive license for the second co-development target and $6,518,000 is allocated to research services and rights under the co-exclusive license for the third co-development targets. The Company expects to satisfy the performance obligations relating to the three co-development targets as development progresses and recognizes revenue based on an estimate of the percentage of completion of the project determined based on the costs incurred on the project as a percentage of the total expected costs. The Company has determined that the performance obligations relating to the two independent Astellas targets would be recognized at a point-in-time, upon commencement of the licenses in the event of nomination of the target, since they are right-to-use licenses. The GSK Collaboration and License Agreement The amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the GSK agreement as of June 30, 2022 was $1,226,000 . The Company satisfies the performance obligations relating to the development of each target over time and recognizes revenue based on an estimate of the percentage of completion of the project determined based on the costs incurred on the project as a percentage of the total expected costs. Future research, development, regulatory and sales milestones under each of the agreements are not considered probable as of June 30, 2022 and have not been included in the transaction price. Reimbursement of the research funding over the co-development period under the Astellas agreement is variable consideration and included in the transaction price as of June 30, 2022 to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. |
Loss per share
Loss per share | 6 Months Ended |
Jun. 30, 2022 | |
Loss per share | |
Loss per share | Note 4 — Loss per share The following table reconciles the numerator and denominator in the basic and diluted loss per share computation (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Numerator for basic and diluted loss per share Net loss attributable to ordinary shareholders $ (44,520) $ (39,068) $ (94,785) $ (76,831) Net loss attributable to ordinary shareholders used for basic and diluted loss per share $ (44,520) $ (39,068) $ (94,785) $ (76,831) Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Denominator for basic and diluted loss per share - Weighted average shares outstanding 962,794,072 934,228,095 951,474,546 932,667,125 The dilutive effect of 150,711,054 and 113,659,553 stock options outstanding as of June 30, 2022 and 2021, respectively have been excluded from the diluted loss per share calculation for the three and six months ended June 30, 2022 and 2021 because they would have an antidilutive effect on the loss per share for the period. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated other comprehensive loss. | |
Accumulated other comprehensive loss | Note 5 — Accumulated other comprehensive loss The Company reports foreign currency translation adjustments and the foreign exchange gain or losses arising on the revaluation of intercompany loans of a long-term investment nature within Other comprehensive (loss) income. Unrealized gains and losses on available-for-sale debt securities are also reported within Other comprehensive (loss) income until a gain or loss is realized, at which point they are reclassified to Other (expense) income, net in the Condensed Consolidated Statement of Operations. The following tables show the changes in Accumulated other comprehensive (loss) income (in thousands): Accumulated Accumulated Total foreign unrealized accumulated currency gains (losses) on other translation available-for-sale comprehensive adjustments debt securities (loss) income Balance at January 1, 2022 $ (10,785) $ (357) $ (11,142) Foreign currency translation adjustments 16,792 — 16,792 Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 (13,808) — (13,808) Unrealized holding losses on available-for-sale debt securities, net of tax of $0 — (1,155) (1,155) Balance at March 31, 2022 (7,801) (1,512) (9,313) Foreign currency translation adjustments 47,694 — 47,694 Foreign currency gains on intercompany loan of a long-term investment nature, net of tax of $0 (39,108) — (39,108) Unrealized holding gains on available-for-sale debt securities, net of tax of $0 — (316) (316) Balance at June 30, 2022 $ 785 $ (1,828) $ (1,043) Accumulated Accumulated Total foreign unrealized accumulated currency gains (losses) on other translation available-for-sale comprehensive adjustments debt securities (loss) income Balance at January 1, 2021 $ (10,158) $ 110 $ (10,048) Foreign currency translation adjustments (3,001) — (3,001) Foreign currency gains on intercompany loan of a long-term investment nature, net of tax of $0 3,048 — 3,048 Unrealized holding losses on available-for-sale debt securities, net of tax of $0 — (223) (223) Balance at March 31, 2021 (10,111) (113) (10,224) Foreign currency translation adjustments (4,177) — (4,177) Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 3,911 — 3,911 Unrealized holding gains on available-for-sale debt securities, net of tax of $0 — 105 105 Balance at June 30, 2021 $ (10,377) $ (8) $ (10,385) |
Fair value measurements
Fair value measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair value measurements | |
Fair value measurements | Note 6 — Fair value measurements Assets and liabilities measured at fair value on a recurring basis based on Level 1, Level 2, and Level 3 fair value measurement criteria as of June 30, 2022 are as follows (in thousands): Fair value measurements using June 30, Level 1 Level 2 Level 3 2022 Assets: Corporate debt securities $ 113,386 $ 113,386 $ — $ — U.S. Treasury securities 42,022 — 42,022 — Agency bonds 4,870 — 4,870 — $ 160,278 $ 113,386 $ 46,892 $ — The Company estimates the fair value of available-for-sale debt securities with the aid of a third party valuation service, which uses actual trade and indicative prices sourced from third-party providers on a daily basis to estimate the fair value. If observed market prices are not available (for example securities with short maturities and infrequent secondary market trades), the securities are priced using a valuation model maximizing observable inputs, including market interest rates. |
Marketable securities - availab
Marketable securities - available-for-sale debt securities | 6 Months Ended |
Jun. 30, 2022 | |
Marketable securities - available-for-sale debt securities | |
Marketable securities - available-for-sale debt securities | Note 7 — Marketable securities – available-for-sale debt securities As of June 30, 2022, the Company has the following investments in marketable securities (in thousands): Gross Gross Aggregate Remaining Amortized unrealized unrealized estimated contractual maturity cost gains losses fair value Available-for-sale debt securities: Corporate debt securities Less than 3 months $ 15,289 $ 1 $ (35) $ 15,255 U.S. Treasury securities Less than 3 months 24,067 — (28) 24,039 Corporate debt securities 3 months to 1 year 83,865 — (1,128) 82,737 U.S. Treasury securities 3 months to 1 year 18,073 — (90) 17,983 Agency bonds 1 year to 2 years 5,009 — (139) 4,870 Corporate debt securities 1 year to 2 years 15,803 — (409) 15,394 $ 162,106 $ 1 $ (1,829) $ 160,278 The aggregate fair value (in thousands) and number of securities held by the Company (including those classified as cash equivalents) in an unrealized loss position as of June 30, 2022 and December 31, 2021 are as follows: June 30, 2022 December 31, 2021 Fair market value of investments in an unrealized loss position Number of investments in an unrealized loss position Unrealized losses Fair market value of investments in an unrealized loss position Number of investments in an unrealized loss position Unrealized losses Marketable securities in a continuous loss position for 12 months or longer: Corporate debt securities $ 42,692 7 $ (493) $ 8,232 1 (35) Marketable securities in a continuous loss position for less than 12 months: Corporate debt securities $ 67,045 16 $ (1,079) $ 163,258 34 $ (348) U.S. Treasury securities 42,022 8 (118) — — — Agency bond 4,870 1 (139) 4,993 1 (7) $ 156,629 32 $ (1,829) $ 176,483 36 $ (390) As of June 30, 2022, the securities in an unrealized loss position are not considered to be other than temporarily impaired because the impairments are not severe and have been for a short duration. Seven securities have been in an unrealized loss position for more than one year with a net total unrealized loss of $493,000. Furthermore, the Company does not intend to sell the debt securities in an unrealized loss position, believes that it has the ability to hold the debt securities to maturity, and it is unlikely that the Company will be required to sell these securities before the recovery of the amortized cost. |
Other current assets
Other current assets | 6 Months Ended |
Jun. 30, 2022 | |
Other current assets | |
Other current assets | Note 8 — Other current assets Other current assets consisted of the following (in thousands): June 30, December 31, 2022 2021 Corporate tax receivable $ 43,548 $ 30,773 Prepayments 10,450 9,043 Clinical materials 1,327 746 VAT receivable 3,495 2,482 Other current assets 1,874 2,082 $ 60,694 $ 45,126 |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2022 | |
Operating leases | |
Operating leases | Note 9 — Operating leases The Company has operating leases in relation to property for office and research facilities . On March 30, 2022, the Company entered into an agreement to modify the lease of 39 Innovation Drive, Milton Park, Abingdon, Oxfordshire, UK, and on June 15, 2022, the deeds associated with the modification were signed. However, for purposes of ASC 842 Leases, Upon modification, the lease liability has been remeasured using the current estimate of the Company’s incremental borrowing rate. The remeasurement of the lease liability also resulted in variable lease payments not previously included in the amount of the lease liability becoming included in the amount of the lease payments as at the date of the modification. The amount of the remeasurement of the lease liability due to the inclusion of variable lease payments that depend on an index or rate has been recognized as an adjustment to the corresponding right-of-use asset. The effect of the modification was to increase the lease liability and the corresponding right-of-use asset by $75,000. The following table shows the weighted-average remaining lease term and the weighted-average discount rate as at June 30, 2022 and 2021: June 30, 2022 2021 Weighted-average remaining lease term - operating leases 7.3 years 5.8 years Weighted-average discount rate - operating leases 6.8% 7.2% The maturities of operating lease liabilities as of June 30, 2022 are as follows (in thousands): Operating leases 2022 $ 2,024 2023 4,019 2024 3,957 2025 4,005 2026 4,059 after 2026 12,816 Total lease payments 30,880 Less: imputed interest (6,688) Present value of lease liability $ 24,192 The maximum lease term without activation of termination options is to 2041. |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | Note 10 — Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2022 2021 Accrued clinical and development expenditure $ 15,760 $ 13,436 Accrued employee expenses 8,043 11,758 Other accrued expenditure 8,088 4,388 Other 725 327 $ 32,616 $ 29,909 |
Contingencies and commitments
Contingencies and commitments | 6 Months Ended |
Jun. 30, 2022 | |
Contingencies and commitments | |
Contingencies and commitments | Note 11 — Contingencies and commitments Alpine Collaboration Agreement On May 14, 2019, the Company entered into a Collaboration Agreement relating to the development of next-generation SPEAR T-cell products with Alpine. The Company paid an upfront exclusive license option fee of $2,000,000 to Alpine in June 2019. Under the agreement, Adaptimmune will pay Alpine for ongoing research and development funding costs and development and commercialization milestone payments up to a maximum of $288,000,000 may be payable if all possible targets are selected and milestones achieved. The upfront payment of $2,000,000 and the payments for ongoing research was recognized within Research and development in the Consolidated Statement of Operations for the year ended December 31, 2019. A further payment of $1,000,000 was accrued and recognized within Research and development in the Consolidated Statement of Operations for the six months ended June 30, 2022. Alpine would also receive low single-digit royalties on worldwide net sales of applicable products. Universal Cells Research, Collaboration and License Agreement and Co-development and Co-commercialization agreement On November 25, 2015, the Company entered into a Research, Collaboration and License Agreement relating to gene editing and Human Leukocyte Antigen (“HLA”) engineering technology with Universal Cells, Inc. (“Universal Cells”). The Company paid an upfront license and start-up fee of $2,500,000 to Universal Cells in November 2015, a milestone payment of $3,000,000 in February 2016 and further milestone payments of $200,000 and $900,000 were made in the year ended December 31, 2018 and 2017, respectively. The agreement was amended and re-stated as of January 13, 2020, primarily to reflect changes to the development plan agreed between the parties. Further milestone payments of up to $37,600,000 are payable if certain development and product milestones are achieved of which milestones of $800,000, $600,000 and $2,000,000 have been accrued, and a milestone of $500,000 has been invoiced, but not yet paid, as of June 30, 2022. Universal Cells would also receive a profit-share payment for the first product, and royalties on sales of other products utilizing its technology. The upfront license and start-up fee and milestone payments were expensed to Research and development when incurred. MD Anderson Strategic Alliance On September 26, 2016, the Company announced that it had entered into a multi-year strategic alliance with The University of Texas MD Anderson Cancer Center (“MD Anderson”) designed to expedite the development of T-cell therapies for multiple types of cancer. The Company and MD Anderson are collaborating on a number of studies including clinical and preclinical development of the Company’s SPEAR T-cell therapies and will collaborate on future clinical stage first and second generation SPEAR T-cell therapies across a number of cancers. Under the terms of the agreement, the Company committed at least $19,644,000 to fund studies. Payment of this funding is contingent on mutual agreement to study orders in order for any study to be included under the alliance and the performance of set milestones by MD Anderson. The Company made an upfront payment of $3,412,000 to MD Anderson in the year ended December 31, 2017 and milestone payments of $2,326,000, $3,549,000 and $454,000 in the years ended December 31, 2018, 2020, and 2021, respectively. A further milestone of $2,326,000 was met, but not yet paid, as of 30 June 2022. The Company is obligated to make further payments to MD Anderson as certain milestones are achieved. These costs are expensed to research and development as MD Anderson renders the services under the strategic alliance. The agreement may be terminated by either party for material breach by the other party. Individual studies may be terminated for, amongst other things, material breach, health and safety concerns or where the institutional review board, the review board at the clinical site with oversight of the clinical study, requests termination of any study. Where any legal or regulatory authorization is finally withdrawn or terminated, the relevant study will also terminate automatically. |
Share-based compensation
Share-based compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based compensation | |
Share-based compensation | Note 12 — Share-based compensation The following table shows the total share-based compensation expense included in the unaudited consolidated statements of operations (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 2,033 $ 2,512 $ 4,556 $ 4,887 General and administrative 3,012 2,937 6,075 5,896 $ 5,045 $ 5,449 $ 10,631 $ 10,783 The following table shows information about share options and options which have a nominal exercise price (similar to restricted stock units (RSUs)) granted: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Number of options over ordinary shares granted 1,735,488 918,048 24,611,952 15,721,104 Weighted average fair value of ordinary shares options $ 0.25 $ 0.65 $ 0.41 $ 0.75 Number of additional options with a nominal exercise price granted 3,361,728 1,995,456 21,050,160 14,659,248 Weighted average fair value of options with a nominal exercise price $ 0.34 $ 0.88 $ 0.55 $ 1.01 |
Stockholders' equity
Stockholders' equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' equity | |
Stockholders' equity | Note 13 — Stockholders’ equity On August 10, 2020 the Company entered into a sales agreement with Cowen and Company, LLC (“Cowen”) (the “Sales Agreement”) under which we may from time to time issue and sell American Depositary Shares (“ADSs”) representing our ordinary shares through Cowen in at-the-market (“ATM”) offerings for an aggregate offering price of up to $200 million. As of June 30, 2022, $197,360,000 remained available for sale under the Sales Agreement. On April 8, 2022 the Company entered into a new sales agreement with Cowen (the “2022 Sales Agreement”) under which we may from time to time issue and sell ADSs representing our ordinary shares through Cowen in ATM offerings for an aggregate offering price of up to $200 million. In the second quarter of 2022, the Company sold 5,927,662 ADSs under the agreement representing 35,565,972 ordinary shares (including 71,965 ADSs sold on June 30, 2022 representing 431,790 ordinary shares issued on July 5, 2022) resulting in net proceeds to the Company of $10,029,000 after deducting commissions payable under the 2022 Sales Agreement and estimated issuance costs. As of June 30, 2022, approximately $189,673,500 remained available for sale under the 2022 Sales Agreement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies | |
Basis of presentation | (a) Basis of presentation The condensed consolidated financial statements of Adaptimmune Therapeutics plc and its subsidiaries and other financial information included in this Quarterly Report are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars. All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated on consolidation. The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2022 (the “Annual Report”). The balance sheet as of December 31, 2021 was derived from audited consolidated financial statements included in the Company’s Annual Report but does not include all disclosures required by U.S. GAAP. The Company’s significant accounting policies are described in Note 2 to those consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. However, these interim financial statements include all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary to fairly state the results of the interim period. The interim results are not necessarily indicative of results to be expected for the full year. |
Use of estimates in interim financial statements | (b) Use of estimates in interim financial statements The preparation of interim financial statements, in conformity with U.S. GAAP and SEC regulations, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the interim financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are made in various areas, including in relation to valuation allowances relating to deferred tax assets, revenue recognition, and estimation of the incremental borrowing rate for operating leases. If actual results differ from the Company’s estimates, or to the extent these estimates are adjusted in future periods, the Company’s results of operations could either benefit from, or be adversely affected by, any such change in estimate. |
Fair value measurements | (c) Fair value measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The hierarchy defines three levels of valuation inputs: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 - Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability The carrying amounts of the Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. The fair value of marketable securities, which are measured at fair value on a recurring basis is detailed in Note 6, Fair value measurements. |
New accounting pronouncements | (d ) Significant concentrations of credit risk The Company held cash and cash equivalents of $97,811,000, marketable securities of $160,278,000 and restricted cash of $1,713,000 as of June 30, 2022. The cash and cash equivalents and restricted cash are held with multiple banks and the Company monitors the credit rating of those banks. The Company maintains cash balances in excess of amounts insured by the Federal Deposit Insurance Corporation in the United States and the U.K. Government Financial Services Compensation Scheme in the United Kingdom. The Company’s investment policy limits investments to certain types of instruments, such as money market instruments, corporate debt securities and commercial paper, places restrictions on maturities and concentration by type and issuer and specifies the minimum credit ratings for all investments and the average credit quality of the portfolio. The Company has three customers, which are Genentech, Astellas and GSK. There were accounts receivable of $2,382,000 as of June 30, 2022 and $752,000 as of December 31, 2021. The Company has been transacting with Genentech since 2021, Astellas since 2020 and GSK since 2014, during which time no impairment losses have been recognized. As of June 30, 2022, there were no overdue accounts receivable. (e) New accounting pronouncements To be adopted in future periods Measurement of credit losses on financial instruments In June 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit losses, which replaces the incurred loss impairment methodology for financial instruments in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for the fiscal year beginning January 1, 2020, including interim periods within that fiscal year. In November 2019, the FASB issued ASU 2019-10 which resulted in the postponement of the effective date of the new guidance for eligible smaller reporting companies (as defined by the SEC), including the Company, at that time to the fiscal year beginning January 1, 2023. The Company intends to adopt the guidance in the fiscal year beginning January 1, 2023. The guidance must be adopted using a modified-retrospective approach and a prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in this ASU resolve this inconsistency by requiring that an entity (acquirer) recognize and measure contract assets and liabilities acquired in a business combination in accordance with Topic 606, in contrast to current GAAP which requires that assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities, are measured at fair value as of the acquisition date. For public business entities, including the Company, the guidance is effective for fiscal years beginning on or after December 15, 2022, including interim periods within that fiscal year. The Company intends to adopt the guidance in the fiscal year beginning January 1, 2023. The amendments in this ASU should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue | |
Summary of revenue categories | Revenue comprises the following categories (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Development revenue $ 5,538 $ 3,095 $ 9,113 $ 3,529 $ 5,538 $ 3,095 $ 9,113 $ 3,529 |
Loss per share (Tables)
Loss per share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Loss per share | |
Schedule of numerator and denominator in the basic and diluted loss per share computation | The following table reconciles the numerator and denominator in the basic and diluted loss per share computation (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Numerator for basic and diluted loss per share Net loss attributable to ordinary shareholders $ (44,520) $ (39,068) $ (94,785) $ (76,831) Net loss attributable to ordinary shareholders used for basic and diluted loss per share $ (44,520) $ (39,068) $ (94,785) $ (76,831) Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Denominator for basic and diluted loss per share - Weighted average shares outstanding 962,794,072 934,228,095 951,474,546 932,667,125 |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accumulated other comprehensive loss. | |
Schedule of changes in Accumulated other comprehensive (loss) income | The following tables show the changes in Accumulated other comprehensive (loss) income (in thousands): Accumulated Accumulated Total foreign unrealized accumulated currency gains (losses) on other translation available-for-sale comprehensive adjustments debt securities (loss) income Balance at January 1, 2022 $ (10,785) $ (357) $ (11,142) Foreign currency translation adjustments 16,792 — 16,792 Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 (13,808) — (13,808) Unrealized holding losses on available-for-sale debt securities, net of tax of $0 — (1,155) (1,155) Balance at March 31, 2022 (7,801) (1,512) (9,313) Foreign currency translation adjustments 47,694 — 47,694 Foreign currency gains on intercompany loan of a long-term investment nature, net of tax of $0 (39,108) — (39,108) Unrealized holding gains on available-for-sale debt securities, net of tax of $0 — (316) (316) Balance at June 30, 2022 $ 785 $ (1,828) $ (1,043) Accumulated Accumulated Total foreign unrealized accumulated currency gains (losses) on other translation available-for-sale comprehensive adjustments debt securities (loss) income Balance at January 1, 2021 $ (10,158) $ 110 $ (10,048) Foreign currency translation adjustments (3,001) — (3,001) Foreign currency gains on intercompany loan of a long-term investment nature, net of tax of $0 3,048 — 3,048 Unrealized holding losses on available-for-sale debt securities, net of tax of $0 — (223) (223) Balance at March 31, 2021 (10,111) (113) (10,224) Foreign currency translation adjustments (4,177) — (4,177) Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 3,911 — 3,911 Unrealized holding gains on available-for-sale debt securities, net of tax of $0 — 105 105 Balance at June 30, 2021 $ (10,377) $ (8) $ (10,385) |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair value measurements | |
Summary of fair value of assets and liabilities on a recurring basis based on fair value measurement criteria | Assets and liabilities measured at fair value on a recurring basis based on Level 1, Level 2, and Level 3 fair value measurement criteria as of June 30, 2022 are as follows (in thousands): Fair value measurements using June 30, Level 1 Level 2 Level 3 2022 Assets: Corporate debt securities $ 113,386 $ 113,386 $ — $ — U.S. Treasury securities 42,022 — 42,022 — Agency bonds 4,870 — 4,870 — $ 160,278 $ 113,386 $ 46,892 $ — |
Marketable securities - avail_2
Marketable securities - available-for-sale debt securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Marketable securities - available-for-sale debt securities | |
Schedule of marketable securities | As of June 30, 2022, the Company has the following investments in marketable securities (in thousands): Gross Gross Aggregate Remaining Amortized unrealized unrealized estimated contractual maturity cost gains losses fair value Available-for-sale debt securities: Corporate debt securities Less than 3 months $ 15,289 $ 1 $ (35) $ 15,255 U.S. Treasury securities Less than 3 months 24,067 — (28) 24,039 Corporate debt securities 3 months to 1 year 83,865 — (1,128) 82,737 U.S. Treasury securities 3 months to 1 year 18,073 — (90) 17,983 Agency bonds 1 year to 2 years 5,009 — (139) 4,870 Corporate debt securities 1 year to 2 years 15,803 — (409) 15,394 $ 162,106 $ 1 $ (1,829) $ 160,278 |
Schedule of aggregate fair value and number of securities held by the Company in an unrealized loss position | The aggregate fair value (in thousands) and number of securities held by the Company (including those classified as cash equivalents) in an unrealized loss position as of June 30, 2022 and December 31, 2021 are as follows: June 30, 2022 December 31, 2021 Fair market value of investments in an unrealized loss position Number of investments in an unrealized loss position Unrealized losses Fair market value of investments in an unrealized loss position Number of investments in an unrealized loss position Unrealized losses Marketable securities in a continuous loss position for 12 months or longer: Corporate debt securities $ 42,692 7 $ (493) $ 8,232 1 (35) Marketable securities in a continuous loss position for less than 12 months: Corporate debt securities $ 67,045 16 $ (1,079) $ 163,258 34 $ (348) U.S. Treasury securities 42,022 8 (118) — — — Agency bond 4,870 1 (139) 4,993 1 (7) $ 156,629 32 $ (1,829) $ 176,483 36 $ (390) |
Other current assets (Tables)
Other current assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other current assets | |
Summary of other current assets | Other current assets consisted of the following (in thousands): June 30, December 31, 2022 2021 Corporate tax receivable $ 43,548 $ 30,773 Prepayments 10,450 9,043 Clinical materials 1,327 746 VAT receivable 3,495 2,482 Other current assets 1,874 2,082 $ 60,694 $ 45,126 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Operating leases | |
Schedule of weighted-average remaining lease term and the weighted-average discount rate | The following table shows the weighted-average remaining lease term and the weighted-average discount rate as at June 30, 2022 and 2021: June 30, 2022 2021 Weighted-average remaining lease term - operating leases 7.3 years 5.8 years Weighted-average discount rate - operating leases 6.8% 7.2% |
Schedule of maturities of operating lease liabilities | June 30, 2022 2021 Weighted-average remaining lease term - operating leases 7.3 years 5.8 years Weighted-average discount rate - operating leases 6.8% 7.2% |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accrued expenses and other current liabilities | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2022 2021 Accrued clinical and development expenditure $ 15,760 $ 13,436 Accrued employee expenses 8,043 11,758 Other accrued expenditure 8,088 4,388 Other 725 327 $ 32,616 $ 29,909 |
Share-based compensation (Table
Share-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based compensation | |
Summary of share-based compensation expense included in the unaudited consolidated statements of operations | The following table shows the total share-based compensation expense included in the unaudited consolidated statements of operations (in thousands): Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Research and development $ 2,033 $ 2,512 $ 4,556 $ 4,887 General and administrative 3,012 2,937 6,075 5,896 $ 5,045 $ 5,449 $ 10,631 $ 10,783 |
Summary of all stock option activity | The following table shows information about share options and options which have a nominal exercise price (similar to restricted stock units (RSUs)) granted: Three months ended Six months ended June 30, June 30, 2022 2021 2022 2021 Number of options over ordinary shares granted 1,735,488 918,048 24,611,952 15,721,104 Weighted average fair value of ordinary shares options $ 0.25 $ 0.65 $ 0.41 $ 0.75 Number of additional options with a nominal exercise price granted 3,361,728 1,995,456 21,050,160 14,659,248 Weighted average fair value of options with a nominal exercise price $ 0.34 $ 0.88 $ 0.55 $ 1.01 |
General (Details)
General (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
General | ||
Accumulated deficit | $ 838,631 | $ 743,846 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Cash, cash equivalents and restricted cash (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Summary of Significant Accounting Policies | ||
Cash and cash equivalents | $ 97,811,000 | $ 149,948,000 |
Marketable securities | 160,278,000 | 219,632,000 |
Restricted cash | $ 1,713,000 | $ 1,718,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Accounts receivable (Details) | Jun. 30, 2022 USD ($) customer | Dec. 31, 2021 USD ($) |
Accounts receivable | ||
Accounts receivable | $ 2,382,000 | $ 752,000 |
Overdue accounts receivable | $ 0 | |
Customer Concentration Risk | ||
Accounts receivable | ||
Number of customers | customer | 3 | |
Accounts receivable | $ 2,382,000 | $ 752,000 |
Revenue - Revenue from contract
Revenue - Revenue from contracts with customers (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Jun. 30, 2022 USD ($) contract | Jun. 30, 2021 USD ($) contract | Dec. 31, 2021 USD ($) | |
Revenue | |||||
Revenue | $ 5,538,000 | $ 3,095,000 | $ 9,113,000 | $ 3,529,000 | |
Number of contracts with customers | contract | 3 | 2 | 3 | 2 | |
Decrease in deferred revenue | $ (6,758,000) | $ 1,946,000 | $ 26,517,000 | ||
Deferred revenue | $ 172,905,000 | 172,905,000 | $ 199,422,000 | ||
Amount of decrease in deferred income caused by the change in the exchange rate | $ 20,234,000 | ||||
Exchange rate | 1.21 | 1.21 | 1.35 | ||
Remaining performance obligation | $ 348,414,000 | $ 348,414,000 | |||
Revenue recognized in the period | 7,342,000 | ||||
Development revenue | |||||
Revenue | |||||
Revenue | $ 5,538,000 | $ 3,095,000 | $ 9,113,000 | $ 3,529,000 |
Revenue - Collaboration Agreeme
Revenue - Collaboration Agreement - The Genentech Collaboration and License Agreement (Details) | Jun. 30, 2022 USD ($) |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 348,414,000 |
Strategic Collaboration and License Agreement | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 291,307,000 |
Strategic Collaboration and License Agreement | Material Right to Designate the Additional Off the Shelf Collaboration Target | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 12,720,000 |
Strategic Collaboration and License Agreement | Research Service Rights Granted for Initial Off the Shelf Collaboration Targets | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 179,711,000 |
Strategic Collaboration and License Agreement | Research Service Rights Granted for Personalized Therapies | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 92,751,000 |
Strategic Collaboration and License Agreement | Material Right for First Option Extend the Research Term | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 4,900,000 |
Strategic Collaboration and License Agreement | Material Right for Second Option Extend the Research Term | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 1,225,000 |
Revenue - Collaboration Agree_2
Revenue - Collaboration Agreement - The Astellas Collaboration Agreement (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) item | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 348,414,000 |
Astellas Collaboration Agreement | |
Revenue | |
Number Of Co Development Target | item | 3 |
Number of independent targets | item | 2 |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 55,881,000 |
Astellas Collaboration Agreement | Rights granted, first and second independent target | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 13,502,000 |
Astellas Collaboration Agreement | Research services and rights granted under the co-exclusive license, first co-development target | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 8,159,000 |
Astellas Collaboration Agreement | Research services and rights under the co-exclusive license, second co-development target | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | 14,200,000 |
Astellas Collaboration Agreement | Research services and rights under the co-exclusive license, third co-development target | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 6,518,000 |
Revenue - Collaboration Agree_3
Revenue - Collaboration Agreement - The GSK Collaboration and License Agreement (Details) | Jun. 30, 2022 USD ($) |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 348,414,000 |
GSK Collaboration And License Agreement | |
Revenue | |
Aggregate amount of the transaction price that is allocated to performance obligations that are unsatisfied or partially satisfied under the agreements | $ 1,226,000 |
Loss per share - Basic and dilu
Loss per share - Basic and diluted income (loss) per share (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator for basic and diluted loss per share | ||||||
Net income (loss) attributable to ordinary shareholders | $ (44,520) | $ (50,265) | $ (39,068) | $ (37,763) | $ (94,785) | $ (76,831) |
Numerator for basic income (loss) per share | (44,520) | (39,068) | (94,785) | (76,831) | ||
Numerator for diluted income (loss) per share | $ (44,520) | $ (39,068) | $ (94,785) | $ (76,831) | ||
Denominator for basic and diluted loss per share | ||||||
Denominator for basic income (loss) per share - Weighted average shares outstanding | 962,794,072 | 934,228,095 | 951,474,546 | 932,667,125 | ||
Denominator for diluted income (loss) per share | 962,794,072 | 934,228,095 | 951,474,546 | 932,667,125 |
Loss per share - Antidilutive s
Loss per share - Antidilutive shares (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share options | ||
Antidilutive securities | ||
Potentially dilutive equity instruments excluded from the diluted loss per share (in shares) | 150,711,054 | 113,659,553 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated other comprehensive loss | ||||||
Balance beginning of period | $ (11,142) | $ (11,142) | ||||
Foreign currency translation adjustments | $ 47,694 | $ (4,177) | 64,486 | $ (7,178) | ||
Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 | (39,108) | 3,911 | (52,916) | 6,959 | ||
Unrealized holding losses on available-for-sale debt securities, net of tax of $0 | (316) | 105 | (1,471) | (118) | ||
Balance end of period | (1,043) | (1,043) | ||||
Accumulated other comprehensive loss (paranthetical) | ||||||
Foreign currency gains (losses) on intercompany loan of a long-term investment nature, tax | 0 | 0 | 0 | 0 | ||
Unrealized holding gains (losses) on available-for-sale debt securities, tax | 0 | 0 | 0 | 0 | ||
Accumulated foreign currency translation adjustments | ||||||
Accumulated other comprehensive loss | ||||||
Balance beginning of period | (7,801) | (10,785) | (10,111) | $ (10,158) | (10,785) | (10,158) |
Foreign currency translation adjustments | 47,694 | 16,792 | (4,177) | (3,001) | ||
Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 | (39,108) | (13,808) | 3,911 | 3,048 | ||
Balance end of period | 785 | (7,801) | (10,377) | (10,111) | 785 | (10,377) |
Accumulated unrealized gains (losses) on available-for-sale debt securities | ||||||
Accumulated other comprehensive loss | ||||||
Balance beginning of period | (1,512) | (357) | (113) | 110 | (357) | 110 |
Unrealized holding losses on available-for-sale debt securities, net of tax of $0 | (316) | (1,155) | 105 | (223) | ||
Balance end of period | (1,828) | (1,512) | (8) | (113) | (1,828) | (8) |
Accumulated other comprehensive (loss) income | ||||||
Accumulated other comprehensive loss | ||||||
Balance beginning of period | (9,313) | (11,142) | (10,224) | (10,048) | (11,142) | (10,048) |
Foreign currency translation adjustments | 47,694 | 16,792 | (4,177) | (3,001) | ||
Foreign currency losses on intercompany loan of a long-term investment nature, net of tax of $0 | (39,108) | (13,808) | 3,911 | 3,048 | ||
Unrealized holding losses on available-for-sale debt securities, net of tax of $0 | (316) | (1,155) | 105 | (223) | ||
Balance end of period | $ (1,043) | $ (9,313) | $ (10,385) | $ (10,224) | $ (1,043) | $ (10,385) |
Fair value measurements (Detail
Fair value measurements (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | $ 160,278,000 | $ 219,632,000 |
Recurring basis | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 160,278,000 | |
Recurring basis | Corporate debt securities | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 113,386,000 | |
Recurring basis | U.S. Treasury securities | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 42,022,000 | |
Recurring basis | Agency bonds | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 4,870,000 | |
Recurring basis | Level 1 | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 113,386,000 | |
Recurring basis | Level 1 | Corporate debt securities | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 113,386,000 | |
Recurring basis | Level 2 | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 46,892,000 | |
Recurring basis | Level 2 | U.S. Treasury securities | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | 42,022,000 | |
Recurring basis | Level 2 | Agency bonds | ||
Marketable securities: | ||
Available-for-sale securities, Debt Securities, Current, Total | $ 4,870,000 |
Marketable securities - Avail_3
Marketable securities - Available-for-sale debt securities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Debt Securities | |
Marketable securities | |
Amortized cost | $ 162,106 |
Gross unrealized gains | 1 |
Gross unrealized losses | (1,829) |
Aggregate estimated fair value | 160,278 |
Corporate Debt Securities Maturity Period Less Than Three Months | Debt Securities | |
Marketable securities | |
Amortized cost | 15,289 |
Gross unrealized gains | 1 |
Gross unrealized losses | (35) |
Aggregate estimated fair value | 15,255 |
U.S. Treasury Securities Maturity Period Less Than Three Months | |
Marketable securities | |
Amortized cost | 24,067 |
Gross unrealized losses | (28) |
Aggregate estimated fair value | 24,039 |
Corporate Debt Securities Maturity Period Three Months To One Year | Debt Securities | |
Marketable securities | |
Amortized cost | 83,865 |
Gross unrealized losses | (1,128) |
Aggregate estimated fair value | 82,737 |
U.S. Treasury Securities Maturity Period Three Months To One Year | |
Marketable securities | |
Amortized cost | 18,073 |
Gross unrealized losses | (90) |
Aggregate estimated fair value | 17,983 |
Corporate Debt Securities Maturity Period One Year To Two Years | Debt Securities | |
Marketable securities | |
Amortized cost | 15,803 |
Gross unrealized losses | (409) |
Aggregate estimated fair value | 15,394 |
Agency Bond Maturity Period One Year To Two Years | |
Marketable securities | |
Amortized cost | 5,009 |
Gross unrealized losses | (139) |
Aggregate estimated fair value | $ 4,870 |
Minimum | Corporate Debt Securities Maturity Period One Year or Less | Debt Securities | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 3 months |
Minimum | U.S. Treasury Securities Maturity Period Three Months To One Year | Debt Securities | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 3 months |
Minimum | Corporate Debt Securities Maturity Period One Year To Two Years | Debt Securities | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 1 year |
Minimum | Agency Bond Maturity Period One Year To Two Years | Debt Securities | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 1 year |
Maximum | Corporate Debt Securities Maturity Period Less Than Three Months | Debt Securities | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 3 months |
Maximum | U.S. Treasury Securities Maturity Period Less Than Three Months | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 3 months |
Maximum | Corporate Debt Securities Maturity Period One Year or Less | Debt Securities | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 1 year |
Maximum | U.S. Treasury Securities Maturity Period Three Months To One Year | Debt Securities | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 1 year |
Maximum | Corporate Debt Securities Maturity Period One Year To Two Years | Debt Securities | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 2 years |
Maximum | Agency Bond Maturity Period One Year To Two Years | |
Marketable securities | |
Available For Sale Securities Debt Maturity Period | 2 years |
Marketable securities - Avail_4
Marketable securities - Available-for-sale debt securities - Unrealized loss position (Details) | Jun. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Marketable securities | ||
Fair market value of investments in an unrealized loss position | $ 156,629,000 | $ 176,483,000 |
Number of investments in an unrealized loss position | security | 32 | 36 |
Unrealized losses | $ (1,829,000) | $ (390,000) |
Corporate debt securities | ||
Marketable securities | ||
Fair market value of investments in an unrealized loss position, 12 months or longer | 42,692,000 | 8,232,000 |
Fair market value of investments in an unrealized loss position, less than 12 months | $ 67,045,000 | $ 163,258,000 |
Number of available-for-sale securities in an unrealized loss position, 12 months or longer | security | 7 | 1 |
Number of available-for-sale securities in an unrealized loss position, less than 12 months | security | 16 | 34 |
Unrealized losses, 12 months or longer | $ (493,000) | $ (35,000) |
Unrealized losses, less than 12 months | (1,079,000) | (348,000) |
U.S. Treasury securities | ||
Marketable securities | ||
Fair market value of investments in an unrealized loss position, less than 12 months | $ 42,022,000 | |
Number of available-for-sale securities in an unrealized loss position, less than 12 months | security | 8 | |
Unrealized losses, less than 12 months | $ (118,000) | |
Agency bonds | ||
Marketable securities | ||
Fair market value of investments in an unrealized loss position, less than 12 months | $ 4,870,000 | $ 4,993,000 |
Number of available-for-sale securities in an unrealized loss position, less than 12 months | security | 1 | 1 |
Unrealized losses, less than 12 months | $ (139,000) | $ (7,000) |
Other current assets (Details)
Other current assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other current assets | ||
Corporate tax receivable | $ 43,548 | $ 30,773 |
Prepayments | 10,450 | 9,043 |
Clinical materials | 1,327 | 746 |
VAT receivable | 3,495 | 2,482 |
Other current assets | 1,874 | 2,082 |
Total | $ 60,694 | $ 45,126 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | Mar. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 |
Operating leases | |||
Amount of increase (decrease) in obligation and right-of-use asset for operating lease following lease modification | $ 75 | ||
Weighted-average remaining lease term - operating leases | 7 years 3 months 18 days | 5 years 9 months 18 days | |
Weighted-average discount rate - operating leases | 6.80% | 7.20% |
Operating Leases - Maturities (
Operating Leases - Maturities (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Maturities of operating lease liabilities | |
2022 | $ 2,024 |
2023 | 4,019 |
2024 | 3,957 |
2025 | 4,005 |
2026 | 4,059 |
after 2026 | 12,816 |
Total lease payments | 30,880 |
Less: Imputed interest | (6,688) |
Present value of lease liability | $ 24,192 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accrued expenses and other current liabilities | ||
Accrued clinical and development expenditure | $ 15,760 | $ 13,436 |
Accrued employee expenses | 8,043 | 11,758 |
Other accrued expenditure | 8,088 | 4,388 |
Other | 725 | 327 |
Total | $ 32,616 | $ 29,909 |
Contingencies and commitments -
Contingencies and commitments - Alpine Collaboration Agreement (Details) - Research and development - Collaboration agreement - Alpine Immune Sciences Inc. - USD ($) | 1 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2022 | |
Contingencies and commitments | ||
Milestone payment accrued but not yet paid | $ 1,000,000 | |
Upfront license fees | $ 2,000,000 | |
Maximum | ||
Contingencies and commitments | ||
Potential milestone payments | $ 288,000,000 |
Contingencies and commitments_2
Contingencies and commitments - Universal Cells Research, Collaboration and License Agreement and Co-development and Co-commercialization agreement (Details) - Collaboration and license agreement - Universal Cells, Inc. - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016 | Nov. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2022 | |
Contingencies and commitments | |||||
Upfront license and start-up fees | $ 2,500,000 | ||||
Milestone payments | $ 3,000,000 | $ 200,000 | $ 900,000 | ||
Maximum | |||||
Contingencies and commitments | |||||
Potential milestone payments | $ 37,600,000 | ||||
Milestone payments one accrued but not yet paid | 800,000 | ||||
Milestone payments two accrued but not yet paid | 600,000 | ||||
Milestone payments three accrued but not yet paid | 2,000,000 | ||||
Milestone payment invoiced but not paid | $ 500,000 |
Contingencies and commitments_3
Contingencies and commitments - MD Anderson Strategic Alliance (Details) - MD Anderson Strategic Alliance - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2022 | Sep. 26, 2016 | |
Contingencies and commitments | ||||||
Milestone Payment, Accrued but Not Yet Paid | $ 2,326,000 | |||||
Upfront payment | $ 3,412,000 | |||||
Milestone Payments | $ 454,000 | $ 3,549,000 | $ 2,326,000 | |||
Minimum | ||||||
Contingencies and commitments | ||||||
Potential milestone payments | $ 19,644,000 |
Share-based compensation - Shar
Share-based compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Total share-based compensation expense included in the consolidated statements of operations | ||||
Total share-based compensation expense | $ 5,045 | $ 5,449 | $ 10,631 | $ 10,783 |
Research and development | ||||
Total share-based compensation expense included in the consolidated statements of operations | ||||
Total share-based compensation expense | 2,033 | 2,512 | 4,556 | 4,887 |
General and administrative | ||||
Total share-based compensation expense included in the consolidated statements of operations | ||||
Total share-based compensation expense | $ 3,012 | $ 2,937 | $ 6,075 | $ 5,896 |
Share-based compensation - Opti
Share-based compensation - Options (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based compensation | ||||
Number of options over ordinary shares granted (in shares) | 1,735,488 | 918,048 | 24,611,952 | 15,721,104 |
Weighted average fair value of ordinary shares options (in dollars per share) | $ 0.25 | $ 0.65 | $ 0.41 | $ 0.75 |
Number of additional options with a nominal exercise price granted | 3,361,728 | 1,995,456 | 21,050,160 | 14,659,248 |
Weighted average fair value of options with a nominal exercise price | $ 0.34 | $ 0.88 | $ 0.55 | $ 1.01 |
Stockholders equity (Details)
Stockholders equity (Details) - American Depository Shares (ADSs) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 05, 2022 | Jun. 30, 2022 | Apr. 08, 2022 | Aug. 10, 2020 | Apr. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | |
Sales Agreement | |||||||
Shareholders' equity | |||||||
Remaining amount under the Sales Agreement (in shares) | $ 197,360,000 | ||||||
Sales Agreement | Maximum | |||||||
Shareholders' equity | |||||||
Aggregate offering price of ADS shares under At The Market sales agreement | $ 200,000,000 | ||||||
2022 Sales Agreement | |||||||
Shareholders' equity | |||||||
Remaining amount under the Sales Agreement (in shares) | $ 189,673,500 | ||||||
Sold shares represented by American Depositary Shares (in shares) | 71,965 | 5,927,662 | |||||
Number of ordinary shares sold (in shares) | 35,565,972 | ||||||
Number of ordinary shares issued (in shares) | 431,790 | ||||||
Gross proceeds | $ 10,029,000 | ||||||
2022 Sales Agreement | Maximum | |||||||
Shareholders' equity | |||||||
Aggregate offering price of ADS shares under At The Market sales agreement | $ 200,000,000 |